Harrisonburg drops compensation for companies in catastrophe influence loan program

HARRISONBURG, Va. (WHSV) – By way of the Federal CARES Act funding, the Metropolis of Harrisonburg will be capable of assist companies which might be part of the catastrophe influence loan program by ensuring they don’t have to pay it again.

In March the town bean issuing loans as much as $5,000 to assist small companies impacted by COVID-19.

In line with Peirce Macgill with Harrisonburg Financial Improvement, they issued greater than 20 loans that summed as much as greater than $100,000.

The loans have been interest-free on a three-year time period with the primary compensation to be made in 90 days.

On Tuesday night time, Harrisonburg Metropolis Council voted to make use of a number of the metropolis’s $4.6 million in CARES Act funding to alleviate these companies of their loans.

“What council did is take some of our CARES ACT money and use that to convert these 23 loans into grants,” Macgill mentioned. “So essentially these were funded through CARES money, instead of our original loan program.”

For enterprise house owners like Paul Hansbarger, of Lineage in Agora Market, the information was an indication of reduction.

“The grant has helped us quite a bit and has helped us keep our staff on payroll and with our bills to get through this time,” Hansbarger mentioned. “If we hadn’t obtained it, issues would possibly look loads totally different. “

Hansbarger mentioned he and his workforce have been in a position to nonetheless promote merchandise on-line for patrons however is wanting ahead to July 9 when Agora Market will reopen.

Outlets will likely be open once more at Agora Marketplace for three days every week on Thursday, Friday, and Saturday for restricted hours.

Hansbarger mentioned in mid-July, Lineage will likely be ending up their manufacturing house close to North Liberty Street.

Harrisonburg Financial Improvement will likely be wanting into extra applications that may profit native companies in the course of the pandemic

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